Is there any software that can help you do automatic TDS calculations and make the process error-free and fast?
Some medium and big companies have specific software that helps them in the TDS calculations. However, you still end up typing all the related amounts manually in the software.
TDS calculation always has to be error-free! Usually, companies having less strength get the TDS calculations done manually. This results in dissipating productive time as each time you have to enter all the amounts manually and then do the calculations.
Hence, People® has stepped in to the rescue for those who thrive for smart work!
People® have 1000s of clients with many listed in the Fortune 500s as its users. People® is a well thought and advanced HRMS with its USP of having automatic TDS calculations.
So how exactly does People® helps you with the TDS calculations?
Employee Investment Proposal declaration for TDS:
May it be a TDS declaration or declaration for non-deduction of TDS, People® helps you in every Employee Investment Proposal declaration for TDS activity.
Automatic TDS calculation:
People® acts as the best TDS calculator for quick and easy TDS calculations on salary!
Companies using People® have always said that People® is one of the best all-in-one HRMS that offers easy management of the entire process!
So why wait? Start your experience of People® and get calculations free, and generate your TDS calculations automatically!
People® has always believed in helping its clients with all the support they require and by making regular features and user experience upgrades to the software. We’ve made our software release for June 2020, and listed below are some of the interesting enhancements for you!
1)Income Tax worksheet:
We understand that HR’s get several queries from employees regarding how they are calculating and deducting TDS from their salaries. In order to reduce the burden on HR’s, we’ve added an option on the TDS Declaration screen, where the employee can anytime go and see their Income Tax Worksheet, giving detailed information on all calculations done to arrive at the TDS value to deduct from their salaries.
2) Provisional Form 16:
You may download provisional Form 16 for employees from the Finance tab. The Provisional Form 16 is automatically generated by the system during payroll processing for leavers, and at the end of the financial year for all active employees.
3) Paid TDS Challan Details:
You may now record the details of the paid TDS challans under Finance Tab. This information is then used to generate the Form 24Q and Form 26Q files, and also used in the Provisional Form 16 document generated by the system.
4) Salary Details:
Salary Details has been moved from the Personal tab to its own new tab, and other related information has been added to this new Salary Details tab.
You may exclude certain employees from Payroll if desired.
Also, you may record previous employer salary for new joiners, for accurate TDS calculation.
5) Prorate TDS for New Joinee:
Usually, new joiners get a partial salary in their first month as per their date of joining. To lessen the burden of TDS for that first month, you may opt to Prorate TDS for New Joinee using the new setting made available under Settings -> Payroll -> TDS Settings.
6) Form 24Q and Form 26Q:
As a part of the payroll process, now the quarterly Form 24Q and 26Q file will also be generated for respective quarters. Form 24Q for TDS on Salary and Form 26Q for TDS on payments other than salary. You may see the formats of Form 24Q and Form 26Q and steps of online return filing using these generated files at https://www.tin-nsdl.com/services/etds-etcs/etds-steps.html
7) Staffing:
Staffing is a new module useful for companies who need to better manage the allocations of their employees on a project, and plan for future project allocations and review bench strength.
If this module is of interest to you, then please contact your Account Manager to get more details about the features and pricing.
8) Query Builder – Manager access:
The powerful Query Builder can now be shared with Managers giving them limited access to running queries that are not admin-only. Managers won’t have the option to create or edit queries, they will only be able to run them.
9) Bank Details – Disable edits by the employee:
To avoid accidental overwrites of sensitive Bank details by employees, you may now Turn Off the option to edit bank details by the employee if the details are already saved on their profile. The new setting can be found on the Settings -> Employee tab.
10) Shift details on Timesheet entry:
For quick reference, the Work Pattern name and Shift Times are now shown on the timesheet entry screen.
People® has always believed in helping its clients with all the support they require and by making regular features and user experience upgrades to the software. We’ve made our software release for May 2020, and listed below are some of the interesting enhancements for you!
1) TDS Declaration screen changes: Option added to let employees select Old or New Scheme for calculating Income Tax liability
2) Employee – New starter: Employee ID gets auto-generated, which can be edited if required
3) Release / Hide Salary Slips: You can decide when to release the Salary Slips after you review your payroll details! Also, as an option, you can email the salary slips to your employees! You may still download the zip of salary slips to review before releasing them to employees.
4) Employee salary Screen: An option has been added to define the payout frequency applicable for the entitlements and deductions! You can also capture additional information related to EPF and EPS enrolment of the employee.
5) Expense details prompt – Capture payment information: You may optionally capture the payment mode, the payment date, and remarks when marking an expense as paid.
6) Payment of contractors and subcontractors: New TDS option added, for Contractors and subcontractors with 1% TDS (0.75% for FY 2020-21). Also, No TDS option has been added for cases where you don’t want to deduct TDS.
7) New column “Reporting Manager”: Added Reporting Manager Column to Monthly Attendance Report (both detailed and summary)
8) Form 24Q (Q1 to Q4): As a part of the payroll process, now the quarterly Form 24Q file will also be generated for respective quarters.
9) Salary register changes: Employee Bank account information has been added to the Salary Register document generated as part of Payroll so that the disbursement instructions can be created quickly.
10) Challan Download Screen changes: This is useful if you need to update some company compliance information and then regenerate the challans & registers.
11) Bank Bulk salary transfer excel sheets: Option added to generate bank bulk salary excel sheet. Please contact your account manager to check the compatible banks and to get this setup.
12) Leave encashment calculation: You may select Other Events like Casual Leaves as well in addition to earned leaves, to be encashed during full-and-final settlement if your company policy allows it.
